We've got a mortgage!!!!!!

[lexii]

After 3 days of not eating, crying and not sleeping, we have finally got a mortgage with Abbey for our new house!!!! we had been turned down flat by our current lender Nationwide and Halifax when we have never had problems getting a mortgage in the past and this was down to 7 late (but not missed) payments on my credit cards on my credit file in the last 5 months, we have never been in arrears with anything, no ccj's, defaults etc

 

Now we just have to wait for the completed application to come through so we can sign and send proof of income etc and then the ball can start rolling and we can move, we are going to be £400 a month better off when we move and have this new mortgage which is going to make a BIG difference

 

I have checked my credit file again and Abbey have done the credit search on me and have still agreed ithe mortgage in principle, but I am still worried this could still all go wrong

 

Do you think they will do another search before we get the mortgage offer and change their minds?, the mortgage adviser I spoke to said they don't envisage any further problems now but I still can't rest after all the upset I've had the last few days, they said we just need to check through the application sign in and send proof of identity and income and a couple of utility bills then they will instruct the survey

 

but I can't settle as I still keep thinking they will change their minds based on our poor credit rating at the moment

 

what do you think?, I need some reassurance here!!

[B3rty]

Mortgage decisions in principle are based on affordabilty and the credit search, then as long as the documentary eveidence is there i.e pay slips, bank statements etc, its just proceedure that holds up the written offer

 

In most cases its based on a points system and the amount of equity plays a big part in this...as long as you have 15% you can pretty much get a mortgage even with CCJs although you will pay more..these are called sub prime and earn mortgage brokers a big fee so they will bust a gut for you....dont worry:)

[lexii]

Thanks B3rty, fortunately we haven't had to take a sub prime mortgage (which was going to be 3% higher interest) and as this is a fixed rate deal for 5yrs it buys us time now to sort ourselves out financially before we have to renew, Abbey I think were our last resort before going subprime

 

feelin a bit more settled now